MOSCOW: Russian President Vladimir Putin is to chair a government meeting on Wednesday over a 1.7 trillion rouble ($22 billion) plan to protect the economy from major economic crisis, the RBC daily newspaper reported, citing government sources.

It said at least 737 billion roubles were included in a contingency plan sent to Prime Minister Dmitry Medvedev.

The Russian economy, which is heavily dependent on energy exports, contracted by 3.8 per cent in the fourth quarter of last year, mainly due to the falling price of oil amid an oversupply crisis.

The economy is expected to shrink by 0.8 per cent in 2016.

Measures to prop up the ailing economy are aimed at structural overhaul and to improve the investment climate, as well as supporting the regions and ensuring social stability, the newspaper said.

It also said that funds for the financing will be taken from Russia's federal budget and an anti-crisis fund. The highest spending, to the tune of 310 billion roubles, was allocated for loans to the regions.

“To save the environment and to fight climate change, my government has planned a major campaign. By 2022, we want to generate 175 GW of renewable energy. In the last three years, we have already achieved 60 GW or around one-third of this target,” he said.